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The money involved is eye-popping and it has spawned countless headlines already. Over the three months twenty Barclay’s Premier League managed to burn through over $650M even after taking in over $300M in player sales.

Only one club, Everton, managed to turn a surplus on transfer dealings while Manchester City was once again the spendthrift with a transfer hole of over $140M.

Even though the clubs do not take a full hit for transfer fees paid but rather are allowed to spread over the lifetime of each contract it is still a phenomenal amount of money that has to be funded now or later.

But this is only a small part of the story because amongst what seems to be financial carnage there is actually good financial news.

The devil is always in the details and the recent activity by Premier League clubs in the transfer market cannot be separated by the TV rights windfall that landed last October. Over the next three seasons the Premier League will see in excess of another $900M injected on account of worldwide broadcast rights. And that isn't $900M over three years but $900M each year for the next three years.

A more complete story needs to take the transfer picture and overlay it on a league that will see a massive injection of guaranteed new money from now until the summer of 2016.

The exact allocation of the mew money will not be finalized until the end of the season as pay outs are dependent - although not largely so - on final position and the number of times that a team is featured on television each season. Nonetheless we can take at decent run at how each team might fair by allocating the new money based on pay outs made last season.

I have excluded the promoted teams because they will not only benefit from the added money but from the base that was in place prior to the new broadcast deals.

Club

Trf. Surplus /(Deficit)

New 2014 TV Money

Net Surplus/(Deficit)

Rank

Everton

$11,594,000

$49,524,981

$61,118,981

1

Spurs

-$5,258,220

$53,452,678

$48,194,458

2

Newcastle

-$1,950,520

$43,209,627

$41,259,107

3

Sunderland

-$5,960,680

$41,571,887

$35,611,207

4

Stoke

-$9,548,000

$42,632,112

$33,084,112

5

West Brom

-$16,777,200

$46,247,590

$29,470,390

6

Aston Villa

-$15,413,200

$43,017,122

$27,603,922

7

Fulham

-$19,505,200

$43,355,208

$23,850,008

8

Liverpool

-$32,258,600

$52,464,287

$20,205,687

9

West Ham

-$31,058,280

$46,632,599

$15,574,319

10

Swansea

-$33,281,600

$45,524,494

$12,242,894

11

Man. United

-$46,580,600

$58,176,260

$11,595,660

12

Norwich City

-$35,116,180

$44,078,303

$8,962,123

13

Arsenal

-$52,445,800

$54,633,574

$2,187,774

14

Southampton

-$51,286,400

$41,909,017

-$9,377,383

15

Chelsea

-$88,932,800

$52,609,868

-$36,322,932

16

Man. City

-$142,255,652

$55,621,964

-$86,633,688

17

-$576,034,932

$814,661,573

$238,626,641

Suddenly the picture turns quite dramatically. Admittedly the issue of salary inflation has not been factored in but there are strong reasons to think that the financial regulations voted in by the Barclay's Premier League earlier this year will have a desired effect and force clubs to manage operating expenses more aggressively.

As a group the Premier League looks to have kept about 30% of the new found TV wealth in their jeans. Take out the largesse of Chelsea and Manchester City and there seems to be a sign here that the days of Premier League clubs spending their revenue and a lot more might be coming to an end.